In the matter of The Project Volar Creditors’ Trust established in the administration of Virgin Australia Holdings Ltd & Ors [2021] NSWSC 688

In the matter of The Project Volar Creditors’ Trust established in the administration of Virgin Australia Holdings Ltd & Ors [2021] NSWSC 688

It is expedient and justified to extend time for admission of creditor information and determination of claims in the Creditors' Trust, and to authorise the Trustees to require provision of further evidence by a stipulated date, due to the complexity and volume of claims, the interests of creditors in fair adjudication, and to minimise potential for disputes or appeals by ensuring claims are decided based on the fullest available information.

Jurisdiction
Australia
Judgment Date
31 May 2021
Procedural Posture
Judicial Advice Application / Procedural Ruling on Extension and Directions
Outcome
Orders made as sought by the Trustees in accordance with short minutes.
Legal Topics
['trust Administration' 'judicial Advice for Trustees' 'variation of Court Orders' 'proofs of Debt Adjudication']
['equity' 'corporations'] ['trust Administration' 'judicial Advice for Trustees' 'variation of Court Orders' 'proofs of Debt Adjudication']

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Procedural Posture

Judicial Advice Application / Procedural Ruling on Extension and Directions

Legal Issues

  1. 1 ["Whether the court should extend the time for adjudicating creditor claims under the Creditors' Trust" 'Whether the Trustees are justified in requiring further evidence from trust creditors by a specified date' 'Whether previous court orders regarding trust administration should be varied due to changed circumstances']

Ratio Decidendi

It is expedient and justified to extend time for admission of creditor information and determination of claims in the Creditors' Trust, and to authorise the Trustees to require provision of further evidence by a stipulated date, due to the complexity and volume of claims, the interests of creditors in fair adjudication, and to minimise potential for disputes or appeals by ensuring claims are decided based on the fullest available information.

Court Disposition

Orders made as sought by the Trustees in accordance with short minutes.

Orders

  • ['Trustees authorised to require that trust creditors wishing to provide further evidence do so by 14 June 2021.' "Trustees empowered to adjudicate creditors' debts on the basis of information provided by 14 June 2021." "Variation of earlier orders to extend time for processing and adjudicating creditors' claims to...